Over the last year, I have been introduced to Elliott Wave Theory and have learned to use it in trading cryptos. More recently, I have looked into the more specific "Fibonacci Pinball" method described by Avi Gilburt's group. I have never subscribed to any of their services, but they have an Education section of their website, which includes an introduction to their Fibonacci Pinball method as well as a more detailed presentation on the topic.
I have decided to practice their method and use this blog to document my analysis for my own purposes.
I am not a financial advisor. Do not consider this to be financial advice. I am posting it here for my own practice and future review only.
About a week ago, I posted a BTS analysis, and added a couple of updates in the comments.
The recent correction completed right in the target area I identified. However, in the comments I had suggested that this may just have been a wave A decline because it looked like it was composed of 5 waves. After the large rise in the last couple of days, I have been rethinking this. I now consider wave i to have completed at $0.178, followed by an expanded flat correction, completing right about the 50% retrace:
According to Fibonacci pinball methodology, once waves i and ii are placed we can project the subsequent pathway to the end of the five wave impulse, including the subwaves of iii. If circled wave 1 is complete then we can expect a pullback to about $0.18, followed by further price advances towards about $0.286 (early projection).
I hope you enjoyed this analysis and please comment below.
